Buy to let remortgaging questions

[salami1212]

Hi there.

Say for example I get a mortgage of £120,000 for a property that is worth £110,000 (i am getting a 30k deposit too ), would I have 10k available in my bank needed for renovations etc..?

Also if I am paying off a mortgage, how long after getting the mortgage can I remortgage the house and take out the equity? Is there a calculator showing how much equity of the house would be paid off year on year..

Thanks

 

[Surveyor]

Where do you get a 109% mortgage from?

If you start out in negative equity it's going to be a while before you have any equity to take out unless there's a house price boom.

Calculator here.

 

[Tesla]

Good like finding a lender who will offer a 109% mortgage.

 

[PapaLazaru]

Best of luck finding btl mortgage with less than 40% deposit.

 

[ince]

asking questions like that are you sure this is right for you.

 

[MrMoonX]

you cant really get a mortgage for more than the house is worth since the banks stopped lending to idiots

 

[MeEsH BaKkA]

On the re mortgage subject how does one go about remortgageing (?) A owned house? Just mince into your local bank with the deeds and say show me the money? Or is it as much of a ball ache as getting a normal mortgage?

 

[Tesla]

A house owned outright? Imagine it's the normal process, high street banks rarely offer the most competitive mortgage products.

 

[Jez]

On the re mortgage subject how does one go about remortgageing (?) A owned house? Just mince into your local bank with the deeds and say show me the money? Or is it as much of a ball ache as getting a normal mortgage?

Same as getting a normal mortgage, you will need a valuation as normal, and a conveyancer, etc.

 

[kitch9]

Best of luck finding btl mortgage with less than 40% deposit.

25% deposit is the norm, and I'm doing quite well at buying repossessions that are around 60% of local market value at the the minute, which means once the house has been spruced up nicely and has a tenant in it 6 months later I can re-mortgage with no issues and pull my initial deposit back out and start again.

3 bedroom semis in my area are fetching around £90,000 and I'm managing to pick them up from repo companies for around £50-55000.... Helped myself to a dozen or so last year. Plan is to keep them rented until the inevitable interest rates rise and then flog them in 5 years or so.

 

[Tesla]

Brave man to post admitting you are a landlord!

 

[Jez]

I'm managing to pick them up from repo companies for around £50-55000.... Helped myself to a dozen or so last year.

What on earth is a "repo company"?

 

[salami1212]

sorry i should have clarified.. i am putting down a £30,000 deposit..

 

[Jez]

What you have written makes no sense at all.

 

[Shadez]

25% deposit is the norm, and I'm doing quite well at buying repossessions that are around 60% of local market value at the the minute, which means once the house has been spruced up nicely and has a tenant in it 6 months later I can re-mortgage with no issues and pull my initial deposit back out and start again.

3 bedroom semis in my area are fetching around £90,000 and I'm managing to pick them up from repo companies for around £50-55000.... Helped myself to a dozen or so last year. Plan is to keep them rented until the inevitable interest rates rise and then flog them in 5 years or so.

To be honest people with your type of attitude make me sick.

Not only have you sort out and benefited from the misery of 12 families, you have also deprived an additional 12 families of an opportunity to buy reasonably priced housing.

And all in order to make money you probably dont even need, or could gain via other means.

 

[Jez]

Haha, it was only a matter of time

 

[tom_e]

To be honest people with your type of attitude make me sick.

Not only have you sort out and benefited from the misery of 12 families, you have also deprived an additional 12 families of an opportunity to buy reasonably priced housing.

And all in order to make money you probably dont even need, or could gain via other means.

Welcome to the real world.

 

[edscdk]

To be honest people with your type of attitude make me sick.

Not only have you sort out and benefited from the misery of 12 families, you have also deprived an additional 12 families of an opportunity to buy reasonably priced housing.

And all in order to make money you probably dont even need, or could gain via other means.

I too own a property I let, and and looking at getting another..... don't really care about other famalies... I'm not smart and I can get 2 houses they must be really dumb to be in a worse position....

(fuel and fire)

 

[MeEsH BaKkA]

To be honest people with your type of attitude make me sick.

Not only have you sort out and benefited from the misery of 12 families, you have also deprived an additional 12 families of an opportunity to buy reasonably priced housing.

And all in order to make money you probably dont even need, or could gain via other means.

Dog eat dog world mate, if buying up houses from people who can't afford to pay for them will put my family in a better financial position then I would do it.

 

[Shadez]

I too own a property I let, and and looking at getting another..... don't really care about other famalies... I'm not smart and I can get 2 houses they must be really dumb to be in a worse position....

(fuel and fire)

you dont care about spelling either

Its not the buying of property to let thats the issue, its people who systematically buy up all cheap property in an area just for short term gain. All this does is drive the housing prices up making it harder and harder for first time buyers.

Its the equivalent of the assist strippers, buying up every company they can get there hands on. Stripping it of all its assets and just abandoning it. Screw the consequences the job losses the long term losses all for quick short term profit.